Newfield Says Gulf of Mexico Production Slower Than Anticipated
Newfield Exploration provides a progress report on the resumption of its production in the Gulf of Mexico following 2005 storms and hurricanes. Newfield estimates that the storms will result in the deferral of approximately 22 billion cubic feet equivalent (Bcfe) of anticipated 2005 production. As a result, Newfield now expects that full-year 2005 production will total approximately 242 Bcfe.
David A. Trice, Newfield Chairman, President and CEO, commented: "Recovery from Hurricane Rita has been much slower than we originally projected with most of the delays relating to pipeline and onshore processing plant damage. In addition, the storm substantially delayed our drilling program which would have resulted in additional production during this period from new wells and recompletions. We are currently producing 200 MMcfe/d from the Gulf of Mexico. We estimate that Gulf production will reach 250-270 MMcfe/d by the end of the first quarter of 2006 and 270-300 MMcfe/d by mid-year 2006. These estimates depend upon timely repairs to third party facilities."
Newfield Exploration Company is an independent crude oil and natural gas
exploration and production company. The Company relies on a proven growth
strategy that includes balancing acquisitions with drill bit opportunities.
Newfield's domestic areas of operation include the Gulf of Mexico, the U.S.
onshore Gulf Coast, the Anadarko and Arkoma Basins of the Mid-Continent and
the Uinta Basin of the Rocky Mountains. The Company has international
exploration and development projects underway in Malaysia, the U.K. North Sea
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